Abstract:
Financial innovation, financial and digital technologies are transforming lifestyles, work, consumption, production of goods and services. In an increasingly competitive environment, the Internet offers opportunities to improve business and benefit from lower production costs. By using information and communication technologies (ICT), small and medium-sized enterprises are gaining access to global markets that were once the prerogative of only large corporations. Digital platforms are changing the economics of doing business by lowering the cost of international interactions and transactions. Fintech's growth raises questions for financial authorities regarding the expansion of the regulatory and supervisory perimeter, compliance of new types of digital financial services with existing rules, identification, assessment, reduction and monitoring of the risks of financial innovation. Digital globalization is changing value chains, creating new hubs, transforming economic activity. In this context, policymakers need to find the right balance between harnessing the benefits of openness and mitigating the risks that are emerging in the digital world at an unprecedented rate. How big the digital economy will be in the medium and long term remains a question, but there is no doubt that it will grow at a significant rate.
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